PBL loses $158m on Macau casinos
Publishing and Broadcasting Ltd's casino joint venture in Macau has lost $US142 million ($158 million) this year, reports The Age.
Despite the setback however, the media and gaming group saysan increase in VIP gambler numbers will initiate a turnaround for Melco PBL Entertainment, operator of the Crown Macau casion.
NASDAQ-listed Melco PBL reported a $US45.2 million loss for the three months to September 30 on Thursday, its first quarterly loss since opening doors.
The loss was blamed on the cost of gambling licences and the 6 star hotel-cum-casino's opening extraveganza.Analysts had expected the company to break even in the quarter.
The news sent Melco PBL's shares down 46 cents to $US14.15, well below its listing price of $US19.
The joint venture, which is 37 per cent owned by PBL, incurred costs of $US160 million in the third quarter and posted $US113 million revenue.
PBL, which owns 37 per cent of the joint venture along with Hong-Kong based Melco, closed down 27 cents at $19.34 on Thursday. |
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